After much late-night searching for information and fiddling with settings to try and resolve the issue, I finally gave up with no luck. I also tried reboots, turning the machine on and off, and running off battery vs. A/C. NOTHING could stop that sound, and the sound would start about 3 seconds after turning the machine on, and would stop only the instant it would turn off (or Sleep).
I had resolved to wake up early this morning and reinstall the system software, before resorting to taking the machine in for service/exchange.
Well, when I woke up and "un-slept" the computer, that dreaded heartbeat sound was gone!! My machine was quite warm when it started yesterday, and the longer I worked the hotter the machine got, so I'm thinking it was heat related.
If it starts again when the machine gets hot, I will definitely need a replacement.